John,
I did it on the drain and fill plugs on the TC and transmission. No leaks at the plugs.. Unfortunately, I didn't use it on all the other threads...like the gear oil pan, etc...
I was so worried about getting a good seal at the gasket and pan edge, I didn't think about threads here. If you haven't filled your gear oil yet, do yourself a favor...put the P #2 on every thread that is drilled clean through the TC and Transmission cases.
Tim